Iran's Oil Storage Almost Full as Sanctions and Pandemic Weigh
Iran has slashed crude oil production to its lowest level in four decades as storage tanks and vessels are almost completely full due to a fall in exports and refinery run cuts caused by the coronavirus pandemic, industry data showed.Total onshore crude stocks surged to 54 million barrels in April from 15 million barrels in January, and swelled further to 63 million barrels in June, according to FGE Energy.Market intelligence firm Kpler estimated Iranian…
If OPEC+ Oil Cuts Go as Planned, Norway Could Cut Output, Too
Norway, Western Europe's largest oil producer, signaled on Friday it could cut its output if the deal negotiated by the so-called OPEC+ nations was implemented as planned.Norway's Minister of Petroleum and Energy Tina Bru is taking part in Friday's G20 video conference to discuss the situation in the energy market after demand and prices were hammered by the coronavirus crisis.Non-OPEC Norway's crude output stood at 1.75 million bpd in February, up 26% from a year earlier.
Equinor Eyes Brazil Natural Gas Infrastructure
Norway's Equinor ASA is scouting locations on Brazil's coast to install new natural gas infrastructure, the company's Brazil chief said, as the firm's gas-heavy offshore fields come on-line in the coming years.Natural gas is considered both a promising opportunity and a vexing problem in Brazil. The Latin American oil powerhouse is rapidly developing a prolific oil area off the nation's southeastern coast known as the pre-salt.Many of the region's assets have significant amounts of natural gas…
ExxonMobil Looks to Sell Australian Assets
Exxon Mobil Corp said on Wednesday it was looking to sell its 50% stake in the Gippsland Basin oil and gas development in Australia's Bass Strait as part of a broader review of its global portfolio of assets.The sale could fetch up to $3 billion, however decommissioning costs for the ageing fields could dent the price tag, analysts and bankers said.The Gippsland Basin joint venture, off the state of Victoria, has long been the mainstay oil and gas supplier for southeastern Australia…
Energy Transfer to Buy SemGroup
Oil and gas pipeline company Energy Transfer LP said on Monday it would buy smaller rival SemGroup Corp for $1.35 billion and build a 75-mile oil pipeline to strengthen its oil transportation, terminalling and export operations.Energy Transfer will gain control of SemGroup's crude oil terminal on the Houston Ship Channel, and to connect it with its Nederland, Texas terminal, Energy Transfer said it will construct a pipeline between the two terminals.Energy Transfer will also add SemGroup's crude oil gathering assets in the DJ Basin in Colorado and the Anadark
Canadian Natural Resources eyes Rail Contracts
Canadian Natural Resources, the country's biggest oil and gas producer, is looking at taking on the Alberta provincial government's contracts to move crude by rail, a senior company executive said on Thursday.Shipping more crude by rail is seen as critical for Canadian oil producers due to congested pipelines that forced Alberta to order mandatory oil curtailments this year.Alberta's United Conservative Party government said in June that it would divest rail contracts amounting to 120,000 barrels of crude per day (bpd) to the private sector this fall.
Anadarko Beats Profit Estimates
Anadarko Petroleum Corp, in its last earnings report before shareholders vote on its sale to Occidental Petroleum, on Friday reported a quarterly profit that topped analysts' estimates, as higher production offset lower prices for its oil.It reported a net loss on a $1 billion breakup fee paid to Chevron Corp. Anadarko accepted a $38 billion offer from Occidental after having initially agreed to a deal with Chevron. The deal would make Occidental the largest oil producer in the Permian Basin, the top U.S.
Permian Midstream Bottlenecks May Choke Output
Rapidly rising production in the Permian basin has led to soaring levels of associated gas, outpacing pipeline infrastructure and placing increasing slowdown pressure on other production streams like crude oil and natural gas liquids (NGLs), Dr. Eugene Kim, Wood Mackenzie Research Director, Americas Gas, told delegates at the Unconventional Resources Technology Conference (URTeC) in Denver.Natural gas pipelines hit a takeaway pipeline capacity wall in late March 2019, triggered by reduced shoulder season gas demand and pipeline maintenance.
US Leads World Oil Reserves
The United States has a world-leading 293 billion barrels of recoverable oil resources, which is 20Bbbl more than Saudi Arabia and 100Bbbl more than Russia, with the Permian Basin leading that charge.Rystad Energy’s estimate of US recoverable oil is also five times more than officially reported proven reserves as published in the BP Statistical Review of World Energy 2019.Tight oil plays in the Permian Basin in Texas and New Mexico now hold 100 billion barrels of recoverable oil resources, according to Rystad Energy’s analysis.
BP Boosts Saudi, U.S. Oil Reserves Estimates
BP raised its estimates of Saudi and U.S.
Norway's April Oil Output Lags Forecast
Norway's oil production fell 8.8 percent year-on-year in April to 1.38 million barrels per day, lagging the official forecast for the month by 0.6 percent, Norway's Petroleum Directorate (NPD) said on Wednesday.Including condensate and natural gas liquids (NGL), the overall liquids production stood at 1.729 million barrels of oil equivalents per day, lagging the NPD prediction by 1.3 percent.Technical problems at some fields were among the main reasons why production came in below forecast…
Natural Gas Liquid Market to Cross 14 mbl/day by 2025
Global Natural Gas Liquid Market is poised to cross 14 million barrels per day by 2025, said a study.Japan natural gas liquid market is projected to surpass an annual consumption of 0.2 mbl/day said the latest study by Global Market Insights.Accelerating funding’s toward chemical industry along with the manufacturing of high value-added petrochemicals will augment the industry growth.In addition, up-surge in investments toward automotive sector coupled with expansion of various industrial base including manufacturing…
Chevron Profit Falls 27%
Chevron Corp's first-quarter profit fell 27 percent from a year earlier due to lower crude oil prices and weaker margins in its refining and chemicals businesses, but topped forecasts and signaled it is committed to buying smaller rival Anadarko Petroleum Corp.The No. 2 U.S. oil and natural gas producer this week found itself in a takeover duel for Anadarko, a smaller oil and gas producer, when Occidental Petroleum Corp made a $38 billion offer that topped Chevron's $33 billion bid.Chevron's oil and gas production rose during the quarter…
Enterprise Products Texas Crude Pipeline to Begin Limited Service
Enterprise Products Partners LP's repurposed natural gas liquids pipeline in the Permian Basin will begin limited operations to carry crude oil in February to the U.S. Gulf Coast, the company said on Thursday.The Houston pipeline operator has begun the process of converting its Seminole NGL pipeline to begin carrying more than 200,000 barrels per day (bpd) from West Texas next month for a third party with a long-term contract, CEO James Teague said in a conference call. (Reuters, Reporting by Collin Eaton Editing by Chizu Nomiyama)
Mariner East 2 Pipeline Operational: Energy Transfer
United States-based Energy Transfer announced that its Mariner East 2 natural gas liquids (NGLs) pipeline is in service, available for both interstate and intrastate service.The natural gas company which owns and operates one of the largest and most diversified portfolios of energy assets, with a strategic footprint in all of the major domestic production basin said that the 350-mile NGL pipeline transports domestically produced ethane, propane and…
Petrobras: First Annual Profit in 5 Years
Brazilian state-run oil firm Petroleo Brasileiro SA reported its first annual profit in five years on Wednesday as it swung to a net profit in the fourth quarter, although one-time provisions and writedowns led it to miss estimates.In a securities filing, Petrobras, as the company is known, said fourth-quarter net income rose to 2.102 billion reais ($564 million), compared with a loss of almost 5.5 billion reais in the same period a year earlier.Chief Executive Roberto Castello Branco…
Purovsky Reaches 80mt Processed
Russia's largest independent natural gas producer Novatek announced that its Purovsky Plant has cumulatively processed 80 million tons since the facilities start-up in June 2005.The Purovsky Plant processes de-ethanized (unstable) gas condensate produced at the fields of Novatek and its joint ventures into stable gas condensate and natural gas liquids.The Purovsky Plant is the central element in Novatek’s vertically integrated value chain providing…
Repsol Buys Stake in Norway’s Mikkel Field
Repsol has reached an agreement with Total to acquire its 7.65% stake in the producing Mikkel field, in the eastern part of the Norwegian Sea.The Mikkel field is a gas and condensate reservoir located 35 kilometers south of the Midgard deposit on Equinor’s Åsgard field in the Norwegian Sea. In 2017, it achieved an average production of 47,075 barrels of oil equivalent a day.Following the acquisition, Repsol will become part of the Mikkel field’s operating consortium…
Anadarko Profit Misses as Costs Rise
Oil and gas producer Anadarko Petroleum Corp on Tuesday reported a fourth-quarter profit that missed analysts' estimates by a wide margin, as it spent more on its projects in West Texas and northeast Colorado.Oil producers, betting on a recovery in oil prices since their slump in 2014, have ramped up production in the U.S. shale basins, and the country overtook Russia and Saudi Arabia to become the world's biggest crude producer with daily output approaching 12 million barrels.However…
Anadarko Quarterly Profit Slides 7.2%
Anadarko Petroleum Corp,which is the target of a bidding war between Occidental Petroleum Corp and Chevron Corp, reported a 7.2 percent fall in adjusted quarterly profit on Thursday, as it sold oil at lower prices.The oil and gas producer said adjusted net income fell to $259 million, or 53 cents per share, in the first quarter ended March 31, from $279 million, or 52 cents a share, a year earlier.Sales volumes of oil, natural gas and natural gas liquids averaged about 715,000 barrels of oil equivalent per day (boe/d), up from 643,000 boe/d a year earlier.(Re